Pakistan’s First Bitcoin Trade Platform Goes Live | Buy Sell Bitcoin Pakistan

Pakistan’s first trading platform has just gone Live. Here you can trade your btc to pkr or vice versa. While still in beta Urdubit is offering first 1000 users a balance of Rs100 to begin trading and learning the platform. It has just been published on Coindesk. This is great news for all Pakistanis. With the current trade deficit we always have to borrow interest bearing loans in USD. This also fills the need for Pakistan’s requirement for a payment processor. Now people can buy internationally by just using bitcoin and not have to worry about USD all together. Its a great initiative as many websites in Pakistan can now find customers abroad with secure payments. I hope to cover this story further and also cover a tutorial on new user signups and how you can trade on this website. This is currently the only known trading platform bitcoins in Pakistan.

CPU Mining | Mining bitcoins

CPU Mining
Note: From this Post onwards I would like to make a few things clear. CPU mining bitcoin or sha coins is useless and waste of power and same goes for scrypt and pretty much all other algorithms out there. I do not take responsibility for any mishap or breakdowns this may or may not cause.

Getting Started:
For the purpose that I believe most people will be new to this we will use windows os and we will be using gui miner. I will not get into sha because you will pretty much see nothing and hence it will create alot of questions. Also take note that I am aiming this article/tutorial for the newbies so I will recommend using a gui interface as many fear the commandline. Additionally I will be teaching how to mine x11 based coins such as darkcoin or drk, ltcx or litcoinX, ureacoin or uro etc on a pool that converts them automatically to ltc.

Why use a pool
As I mentioned before there are a limited number of coins available for each coin(there are some coins like doge that have unlimited coins) and as the competition heats up its harder to solve blocks( or mine new coins). Therefore its better mine in a pool where you get paid for your share of work when a block is found. For this purpose we will be using ltcrabbit. At this point I would simply ask you to go and register at the link.

Adding a Worker
worker

After logging into your account please click on “My Account” followed by clicking on “My Worker”.

This will take you to the following screen:

CPU Mining

 

Under the title New worker please create a worker the password here doesnt really matter. The best way to about this is to name your worker name x11 since we will be mining x11 coins and the password you can put anything for us to continue here I am going to assume you put the password x.
The format for mining here now will become accountname.workername. Where account name is your ltcrabbit account name.

The Cpu Miner
You can download the cpu miner from my dropbox account. After you download this please unzip it.

Running the Miner
If you have followed the above setup right you should be be ready to run the miner. Now go to the folder that says where you unzipped your miner. Now double click on a. A command prompt should open up such as the one on bottom:

Min

 

Let it run for like a min or 2. If you see no hashing or dont see a yay after a bit then you did something wrong and should go back up and follow the instructions from the beginning.

But wait you are not done yet this was just a test. What you now need to do is close this window. And open up a the unzipped folder again and click on a once and then right click on it and select edit as follows:

mine

 

when you select edit please chose notepad to open this file. It will contain the following lines

 

minerd -a X11 -o stratum+tcp://x11.ltcrabbit.com:3332 -u dmz241.x11 -p x
pause

Here you have to change this

minerd -a X11 -o stratum+tcp://x11.ltcrabbit.com:3332 -u accountname.x11 -p x
pause

Please take note that initially when I had you set a worker I suggested you name your worker x11 if you name it something else then please put accountname.workername -p x where -p is followed by the password which I suggested you keep x .
The idea here is to have multiple workers if you have multiple cpus running. This way you can monitor your workers. Please save this file while saving please make sure you save it as all files and not txt files else you wont be able to double click it to run it.

Now just double click on the a file and you should be mining at your account. Please take note that the minimum payout is atleast 1 ltc. The advantage of using ltc rabbit is that it see which coin is easier to mine and giving better payouts when converted to ltc and mines that coin. So you will always mine the most profitable coin.

You will need a wallet address for your coin I have mentioned how to get that in my previous article for bitcoin. For litecoin the best way is to just make an account on an exchange like btc-e or bittrex and use their wallet address as your payout address.

Happy Hashing.

What to expect

 

What to expect:
I plan to set this up as more of a help and tutorial to those new to bitcoin, litcoin, darkcoin. The posts to follow will be helpful for new miners on how to mine with cpu, gpu(graphic cards or video cards, amd based ones), asics and cloud mining. While I dont recommend mining with them but the idea is to teach people how to get started. Dont think of this as a get rich quick scheme. Mining takes a bit of effort, very powerfull hardware and some common sense. The idea here is to teach people what to expect.

 

Brief History:
Bitcoin as described by its maker (Satoshi Nakamoto) is a payment system based on open source standards that was presented to the world in 2008. Who is Satoshi Nakamoto no one knows there are many ideas who he might be but no one knows for sure who he/she is. Think of bitcoin as a torrent where bitcoin works peer to peer only. Meaning it can be transferred from me to third-party without any administrator with close to very little or no fees. To make this transaction possible different users have mining hardware running. This hardware can be in the form of a cpu, gpu, asic and cloudmining, heck there is even paper mining which you can do yourself it wont earn you anything but you will learn something(Will get into more details on each in later details). At this point I would like to inform you that there are only 21million bitcoins that can be mined from which about 61% have already been mined. At this point you can hop over to Bitcoin Wisdom to check out what current rates are for 1 bitcoin converted to usd. The idea presented by satoshi was to have a decentralized currency which can be termed as “Money without Boarders”. Today Paypal(For US Only), Dell, Expedia, Overstock are the big giants who have started accepting bitcoin, btc or xbt(xbt is being used by bloomberg as tracker on commodities market to give rates of bitcoin) other then these there are numerous other smaller companies accepting bitcoins. All mining hardware manufactures accept bitcoin, litecoin for payments. Bitcoin now works on a blockchain which is basically a public ledger of all transactions. The idea was to keep everything anonymous so a wallet and sha256 encryption was introduced. Hence when ever you talk about btc, xbtc and its mining it will be refereed to  as sha or sha256 hashing.

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The Wallet:
The wallet is basically where you store coins. Do remember if this wallet is stolen you have lost all your bitcoins permanently. Some people like online wallets some people like offline ones some like cold storage wallets which can be printed or engraved onto paper metal silver gold etc. You can pretty much google for different types of wallets for bitcoin and you will find alot. The best online and most trusted one is at blockchain. There are many android wallet available, you can just search blockchain or if you prefer another wallet search for bitcoin or bitcoin wallet on Google Play Store.

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How to Get bitcoins:
There are many websites that explain this. You can trade bitcoin for fiat(other printed currencies) through online exchanges such as Cryptsy or bittrex or btc-e just to name a few. Most of these sites support wiring money but if you prefer to use credit card which is an untrusted method since there can be chargebacks you can pay a little extra and use this blog to buy through credit card.

Other Sites to buy bitcoin from webbased atms:

Coinsafe
Bitcoinpk

 

Other interesting Coins:
The idea of bitcoins was really appreciated and it really took off around 2009 and 2013 respectively. There were many others who presented other ideas on coins which brought value. Coins like namecoin or nmc (a blockchain based domain of .bit and is not governed by any authority so you can host anything you want without any restrictions), primecoin or xpm(which uses its hashing power to produce prime numbers), korecoin, kore(a more recent coin with anonymous voip calling and later cheaper then skype calls), litcoin or ltc(A copy of bitcoin based on scrypt algorithm much faster transactions then btc, xbt ) and also darkcoin or drk (a truly untraceable coin also relatively new) based on x11 algorithm. Please take note there are about 400+ plus different types of coins some very unique some even arent open source I cant get into them all but these are the coins I personally like and therefore I have mentioned them here.

 

Going Forward:
This technology is still very immature at best there are things happening as we speak. Bloomberg has started carrying the symbol XBT to denote btc. Its being listed as a commodity in the US market. And should hit NASDAQ after December 2014. More and more companies as mentioned above in the brief history are starting to accept it. There are some negatives too like the Mt-Gox scandal, then a few hack attempts where people compromised pcs to mine for them. Bangladesh ban. Russian considering a Ban are at the center of btc and lets see where it takes us. but I for one believe that it is here to stay and it will be hard to ban people who you cant track and are dealing in this. My next post will get you started with mining we will proceed with cpu mining, followed by gpu, asic and round it up with cloud mining.